With all the changes in the market, most lenders have completely done away with the Stated products they had at one time. Even so, there are some still out there that have maintained their Stated products.
If you are a buyer or seller in need of financing and are unable to verify your income, you may still be able to get financing.
>50% of the Borrowers Income MUST come from Self Employment if the ltv > 80%
Even if you are unable to qualify for the Stated products, you may be able to qualify based on you tax returns. Allow me to review your most recent two-years tax returns with my preferred tax-advisor so we can determine your true cash-flow.
Shawn
Hello Everyone,
After some consideration and with the support of my family, I have accepted an offer to join PC Bank at their new branch in Lacey, Washington.
While Versata was a great home for me, the opportunity to work for a company such as PC Bank opens new doors and service levels for my clients. PC Bank has a great reputation for making loans happen and I am pleased to have been asked to join the Irish team.
My new contact information is:
8730-Tallon Lane NE, Suite 202, Lacey, WA 98516
Email: ShawnA@PCBank.us or Shawn@SoundMortgagePlanning.com
Office: (360) 528-3146, Fax: (360) 292-1195, Cell: (360) 402-0308
I look forward to continuing to help you, your friends, family and clients.
Sincerest regards,
Shawn Anderson
Well, for my most recent client; yes...
I received an application Wednesday from a new client that was referred to me by Barb Beard with Van Dorm Realty (Thanks Barb!). The client has made an offer on a piece of land they want to build on. They provided a complete application and authorized us to pull their credit. The report came back with great scores and the details of their current debt. No big surprises here, they have an existing mortgage and moderate debt. Should be a slam dunk...
...in this case, not so. As it turns out, they are property rich and "cash middle-income" (not "cash poor"). Their DTI came in at 61%. I am sure there are some of you out there reading this and saying to yourself, this isn't going to happen. Again, not so.
Did I mention the client also needs 20% down in order to purchase the land and they only have $6,000 cash on hand?
The first step was to get their debt-to-income ratio down to a qualifying level and in this case the client has the equity needed in their current home. After combining their current mortgages, consolidating their non-preferred debt, and also securing the cash needed to meet the 20% down-payment on the new land purchase with their equity, we are able to reduce their debt-to-income ratio to 22%!
As a result, their new monthly payment will be $1,247 lower than all their current debts combined and over the next 12 months they will see a savings of $14,964. That is just like getting a 13.49% increase in their income!
Their NEW TAX DEDUCTION is $377/month and $4,524/year.
As a side not, one of the benefits of refinancing is they will be able to skip a mortgage payment. This will help since they will need that extra cash for the land they are purchasing.
One of the best ways for the client to maximize the payment savings is to apply some or all of their savings to reducing the term of their mortgage. In their case, if they apply $600/month toward principal reduction, they will save $156,643 over the life of the loan!
If they were to follow the strategy that has been outlined for them, they could be mortgage free in 14.17 years!
What about the purchase of the land? The client may decide to not apply $600 of their new found savings toward the principal on their newly refinanced mortgage. Their current debts as of today have a combined payment of $2,769 per month. Their new mortgage plus their proposed new land loan mortgage equals $2,795 per month. That is an increase of only $26 per month. In essence, they get to purchase their new land for $26 per month...
This a real life example of how a Mortgage Planner can help you or someone you know reach their goals.
Give me a call if you would like to put your Mortgage Under Management today.
Copyright © 2010 PC Home LoansPortions Copyright © 2010 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
